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Real World RED and Short Sales: Guiding Your Customers Through the Process from a REALTOR that was involved in over 500 of them in 2009 alone Steven David, CRB, CRS, GRI, MBA, CAM www.RealtorStevenDavid.com CEO,

How to fill out reo and short sales

How to fill out reo and short sales

1. To fill out a REO (Real Estate Owned) form:
2. Start by obtaining the necessary forms from your lender or the institution that owns the property.
3. Fill in the property details accurately, including the address, size, and any additional features or special considerations.
4. Provide information about the current condition of the property, including any damages or required repairs.
5. Include any documentation or evidence of liens or outstanding debts on the property.
6. Submit the completed REO form to the appropriate party according to the given instructions.
8. To fill out a short sale form:
9. Gather all the required documents, such as financial statements, tax returns, and hardship letters.
10. Obtain the specific short sale forms from your lender or the organization handling the sale.
11. Fill in the property details, including the address, market value, and proposed sale price.
12. Provide accurate information about your financial situation, including income, expenses, and assets.
13. Explain the reasons for the short sale and include any supporting evidence or documentation of hardship.
14. Submit the completed short sale form along with the required documents to the designated party or agent.

Who needs reo and short sales?

1. REO (Real Estate Owned) properties are typically sought after by real estate investors, house flippers, and individuals looking for below-market value deals.
2. Short sales are usually beneficial for homeowners facing financial hardship and unable to keep up with mortgage payments, as well as lenders willing to avoid the foreclosure process.

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What is reo and short sales?

REO stands for Real Estate Owned, which refers to properties that are owned by a lender after an unsuccessful foreclosure auction. Short sales are when a property is sold for less than the amount owed on the mortgage.

Who is required to file reo and short sales?

Real estate agents, lenders, and property owners may be required to file REO and short sales depending on the specific circumstances.

How to fill out reo and short sales?

REO and short sales forms can typically be filled out online or submitted through a designated platform provided by the governing agency.

What is the purpose of reo and short sales?

The purpose of reporting REO and short sales is to provide transparency in the real estate market and to track distressed property transactions.

What information must be reported on reo and short sales?

Information such as property address, sale price, lender information, and status of the property must be reported on REO and short sales forms.